The EUR/GBP pair initially fell during the course of the session on Wednesday, but found enough support near the 0.7760 level for the second day in a row
The EUR/GBP pair initially fell during the course of the session on Wednesday, but found enough support near the 0.7760 level for the second day in a row to bounce and form a hammer. This is two hammers in a row, so we feel that this market will more than likely bounce from here, but it should have a significant amount of resistance above at the 0.7875 level in order to keep the market somewhat down from here. We would be sellers of rallies at this point time, and have no interest whatsoever in buying this market.
EUR/GBP Forecast October 2, 2014, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
